DUESSELDORF (dpa-AFX) - German energy generation and trading company Uniper SE expects earnings for the first three months of the fiscal year 2022 to come in significantly below market expectation and prior-year figures.
Preliminary adjusted earnings before interest and taxes for the first three months of 2022 were around negative 830 million euros compared to positive 731 million euros in the previous year.
Preliminary adjusted net loss for the first three months of 2022 was 615 million euros compared to adjusted net income of 594 million euros in the prior year.
The decline in results was mainly attributable to the gas mid-stream business, in particular due to gas storage optimization: In view of the current market environment, Uniper has reduced its anticipated gas storage withdrawals in the first quarter to the benefit of future quarters. The results in a significant earnings shift from the first quarter into the remaining quarters of 2022. Aside from commercial reasons, this allows Uniper to hold higher gas volumes in reserve, thereby contributing to security of supply.
The company still expects adjusted EBIT to be in the range of 1.0 billion euros to 1.3 billion euros and adjusted net income of 0.8 billion euros to 1.1 billion euros for the full fiscal year 2022.
The company will publish detailed results for the first three months for fiscal year 2022 on 3 May 2022.
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